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as you know, we have a trillion dollar annual deficit and this would not close that gap at all. so the president needs to come up with a plan and for better or worse going to require leadership. no member of the senate or the house is going to be able to do this, this is something the president has to do by himself and he can't do it on the campaign trail. >> let me ask you this because you wrote an op-ed today and you wrote about divided government about the deal. you said divided government means that neither democrats nor republicans will be able to pass legislation along strictly partisan lines. we cannot tax our way back to budget surpluses and economic prosperity without major spending cuts and entitle 347b9 reforms we will continue running a huge deficit regardless of what anyone does on either side. for every dollar of revenue you give him, he'll give you $2.50 of spending cuts. if he gave you that on spending cuts, it would be $850 billon a year would you do that? >> the president has said a lot of things, but what counts is what he's willing to put on the table and so
as you know, we have a trillion dollar annual deficit and this would not close that gap at all. so the president needs to come up with a plan and for better or worse going to require leadership. no member of the senate or the house is going to be able to do this, this is something the president has to do by himself and he can't do it on the campaign trail. >> let me ask you this because you wrote an op-ed today and you wrote about divided government about the deal. you said divided...
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a lot of the other issues surrounding deficit deduction are going to be a whole lot easier. and if we get this wrong, the economy is going to go south. it's going to be much more difficult for us to balance our budgets and deal with our deficits because if the economy's not strong, that means more money's going out and things like unemployment insurance and less money is coming in in terms of tax receipts and it just actually makes our deficit worse. so we really need to get this right. i can only do it with the help of the american people. so tweet -- what was that again? my2k or e-mail, post it on a member of congress' facebook wall. do what it takes to communicate a sense of urgency. we don't have a lot of time. we have a few weeks to get this done. we could get it done tomorrow. now, optimistically i don't think we're going to get it done tomorrow. but i tell you, if everybody here goes out of their way to make their voices heard and spread the word to your friends and family and co-workers and neighbs, i am confident that we will get it done and we will put america on t
a lot of the other issues surrounding deficit deduction are going to be a whole lot easier. and if we get this wrong, the economy is going to go south. it's going to be much more difficult for us to balance our budgets and deal with our deficits because if the economy's not strong, that means more money's going out and things like unemployment insurance and less money is coming in in terms of tax receipts and it just actually makes our deficit worse. so we really need to get this right. i can...
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>> we had 18 debt an deficit commissions since ronald reagan became president in 1981. in more than half of those, medicaid, medicare an social security were supposed to be part of fixing the debt and deficit, it never happened. if they kick the can down the road again without fixing entitlements in the process, entitlements still won't get fixed. >> we asked you to comment on the news and then sometimes you make news. the news about you, it says you are considering running in a primary to challenge saxby chambliss. are you any closer to a season? tell me what you're thinking and who is encouraging you to do that. >> well, you know, i said all along, no i'm not going to do this. i've been dismissive. in the past couple days, a number more prominent names have been calling and saying shy do it. i feel i owe them more consideration. i'm not closer to thinking i will do it, but i'm thinking about it more. my wife is adamant if i do it, i will be buried in the backyard before i announce. i think saxby chambliss, it's time for him to be primaried. >> your wife will bury you
>> we had 18 debt an deficit commissions since ronald reagan became president in 1981. in more than half of those, medicaid, medicare an social security were supposed to be part of fixing the debt and deficit, it never happened. if they kick the can down the road again without fixing entitlements in the process, entitlements still won't get fixed. >> we asked you to comment on the news and then sometimes you make news. the news about you, it says you are considering running in a...
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we can't afford to run 1.2 to $1.5 trillion deficits every year. and we can't afford to bring obama care on to the books, because we know it has already doubled in its predicted cost. it was -- >> congresswoman, forgive me for cutting you off. but final question, yes or no, you think you'll be on the hill come christmas talking about this? >> oh, no, no. i think what you're going to do is see us find a way to move the bulk of this, to get past the fiscal cliff to address that, and then to have a good discussion. i'm pleased to welcome the president, the democrats to the discussion. this is something some of us have been trying to get done for many years. and i'm delighted to see that they're finally putting their attention on it. we have to get the fiscal house in order. >> thank you so much. live for me on the hill today, appreciate it. >>> today, business titans. tomorrow, the business guy trying to take his job. that's right, president obama and mitt romney will be meeting at the white house for lunch in the private dining room, no, no. no camer
we can't afford to run 1.2 to $1.5 trillion deficits every year. and we can't afford to bring obama care on to the books, because we know it has already doubled in its predicted cost. it was -- >> congresswoman, forgive me for cutting you off. but final question, yes or no, you think you'll be on the hill come christmas talking about this? >> oh, no, no. i think what you're going to do is see us find a way to move the bulk of this, to get past the fiscal cliff to address that, and...
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budget deficit was $200 billion. now it's a trillion. how can you say nothing has changed? he acknowledged things have changed, but he's trying to stick to his principles so when i talked to him about his relevance and whether he was like frosty the snowman and feeding away from us before our eyes with each sound bite like the ones we've been seeing on your show, he said i'm for lower taxes that gives me job security. people will always think their taxes are too high. but we saw today, andrea, is a real operator. you've covered him for years. he has a $7 million operation. a full-time staff. they spend a lot of money in campaigns. he wants to stay a player. and he wants these members to listen to him and to do that, he has to have this opening. so what he's saying is congruent with our reporting which is that there's more going on behind the scenes than there is in the camera and i can clearly see a way for there to be a deal by as the president said today, by christmas, andrea as you know, december 23rd what they think of as the real deadline up there and i see signs that
budget deficit was $200 billion. now it's a trillion. how can you say nothing has changed? he acknowledged things have changed, but he's trying to stick to his principles so when i talked to him about his relevance and whether he was like frosty the snowman and feeding away from us before our eyes with each sound bite like the ones we've been seeing on your show, he said i'm for lower taxes that gives me job security. people will always think their taxes are too high. but we saw today, andrea,...
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it's not responsible for the deficit and debts. neither is social security. you're right, medicare and social security have long-term fiscal challenges. they need to be dealt with. i don't agree with connect connecting those to the deficit and debt program not created by those programs. >> i want to switch gears. as a senior member of the house intelligence committee i want to talk about benghazi. let me quote. part of what you said, there should be a laser-like focus on going after those responsible. but in the blur of partisan wrangling over talking points we seem to have lost sight of the vital objective. some on capitol hill and elsewhere seem determined to go after another bright diplomat ambassador susan rice. i want to talk about finding those responsible. the fbi seasonisn't saying much. from what i know we have heard zero about arrests. what can you tell us about these perpetrators? >> well, i can tell you that we still have a lot of work to do. the intelligence community is pursuing all of the leads. there is nothing that i want more. this is true i
it's not responsible for the deficit and debts. neither is social security. you're right, medicare and social security have long-term fiscal challenges. they need to be dealt with. i don't agree with connect connecting those to the deficit and debt program not created by those programs. >> i want to switch gears. as a senior member of the house intelligence committee i want to talk about benghazi. let me quote. part of what you said, there should be a laser-like focus on going after those...
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they don't believe that social security is a driver of the deficit. on the other hand, you ended up seeing where -- how do you end up tweaking medicare? do you raise the eligibility age? new poll by "the washington post"/abc showed that two thirds of americans oppose raising the eligibility age for medicare and that could be something that could be discussed as would be, you know, maybe means testing and other things and again we don't know the details but what the white house is wanting to say, look, we're open to some adjustments on entitlements where republicans want to hear what are the details? >> that's interesting, the new poll you brought up. most of the people in that poll not wanting to see the eligibility age change and in the same poll the majority wanted to see taxes increase for people who make over $250,000. a lot of times we saw the lawmakers use polls to their benefit and this is an interesting storyline from those, too. >> politically, right now, when you look broadly, measuring the public, it does seem to be easier to raise taxes on
they don't believe that social security is a driver of the deficit. on the other hand, you ended up seeing where -- how do you end up tweaking medicare? do you raise the eligibility age? new poll by "the washington post"/abc showed that two thirds of americans oppose raising the eligibility age for medicare and that could be something that could be discussed as would be, you know, maybe means testing and other things and again we don't know the details but what the white house is...
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our ultimate goal is an agreement that gets our long-term deficit under control in a way that is fair and balanced. that kind of agreement would be good for our businesses, it would be good for our economy, it would be good for our children's future. and i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. but -- the place where we already have in theory at least complete agreement, right now, is on middle-class taxes. and as i've said before, we have two choices. if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next year. starting january 1st, every family in america will see their taxes go up. a typical middle-class family of four, would see its income taxes go up by $2200. that's $2200 out of people's pockets. that means less money for buying groceries, less money for filling prescriptions, less money for buying diapers. it means a tougher choice between paying the rent and paying tuition and middle-class families just can't afford
our ultimate goal is an agreement that gets our long-term deficit under control in a way that is fair and balanced. that kind of agreement would be good for our businesses, it would be good for our economy, it would be good for our children's future. and i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. but -- the place where we already have in theory at least complete agreement, right now, is on...
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plouffe indicated that medicare and medicaid are the main drivers of our deficit. and i know we have seen this morning also several editorial writers indicate the same, that it is important that we put these drivers of the deficit on the table and include them as part of any agreement to avoid the fiscal cliff. as the speaker said, we have done our part. we have put revenues on the table, something that we didn't do two years ago during the debt ceiling negotiations. we still believe that it is most important for us to address the economic situation in this country where so many people are out of work. and that's why we take the position and believe strongly that increasing marginal rates is income tax rates is not the way to produce growth and to put people back to work. but we have not seen any good faith effort on the part of this administration to talk about the real problem that we're trying to fix. i'm told that mr. bolz, some of us will meet with him later today, has said earlier this morning that there's been no serious discussion by the white house on enti
plouffe indicated that medicare and medicaid are the main drivers of our deficit. and i know we have seen this morning also several editorial writers indicate the same, that it is important that we put these drivers of the deficit on the table and include them as part of any agreement to avoid the fiscal cliff. as the speaker said, we have done our part. we have put revenues on the table, something that we didn't do two years ago during the debt ceiling negotiations. we still believe that it is...
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i think that, you know, if we cut the budget, if we cut the deficit and raise taxes, i don't think that's the worst thing in the world. as warren buffett has been saying for the last 24 hours, are you really going to turn down a good investment opportunity just because the tax rates are a little higher in we're talking about a minor 4 percentage point increase in the upper end of the tax rate here. it's not life or death. you know, cutting the deficit and raising taxes, if they can't agree, which congress has shown themselves inability to agree. if they're not going to agree, maybe it's not the worst thing in the world for tax rates to go up and for the deficit to be cut. i think that could result in a big economic boom. >> wow. >> and then, let's say two weeks after we go over the cliff, after the 1st of january, they then cut attacks for everybody -- >> but here's the problem with that notion. it's not fine. but, john, it's not fine because a lot of ordinary middle class people -- >> that's the problem. >> -- are trying to spend money at christmas and they're deeply anxious about what's
i think that, you know, if we cut the budget, if we cut the deficit and raise taxes, i don't think that's the worst thing in the world. as warren buffett has been saying for the last 24 hours, are you really going to turn down a good investment opportunity just because the tax rates are a little higher in we're talking about a minor 4 percentage point increase in the upper end of the tax rate here. it's not life or death. you know, cutting the deficit and raising taxes, if they can't agree,...
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we have a $1.2 billion deficit. one of the things i'm hearing from my republican sources over the last few days is they say the president isn't talking about spending cuts. wasn't it interesting in his remarks today i don't think the president mentioned cutting spending one time. so the republicans are saying wait a minute all the president wants to do is raise these taxes on small businesses and i vesters and quote rich people. on the other hand he's not putting on the table any reductions in spending or entitlements. and i think we all know, whether you're a democrat, republican, independent we have to start chopping these programs and reforming them or we will surrender to an ocean of debt. jenna: when does that moment of reckoning come? is it here now? that's the big question? >> i don't think it's here now. i think the window is khroeusing and i think there is a lot of frustration that we can't seem to come to an agreement. just one example, jenna, the president in the negotiations has said well social security
we have a $1.2 billion deficit. one of the things i'm hearing from my republican sources over the last few days is they say the president isn't talking about spending cuts. wasn't it interesting in his remarks today i don't think the president mentioned cutting spending one time. so the republicans are saying wait a minute all the president wants to do is raise these taxes on small businesses and i vesters and quote rich people. on the other hand he's not putting on the table any reductions in...
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the president's message >>> if we get this part of it right, a lot of the other issues surrounding deficit reduction are going to be a whole lot easier. if we get this wrong, the economy is going to go south. we don't have a lot of time here. we have a few weeks to get this thing done. we could get it done tomorrow. optimistically, i don't think we are going to get it done tomorrow. >> the white house is using all social media resources to get the message out and put pressure on the republicans. >> today, i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag my 2 k, not y2 k. >> the president was laughing about you the strategy, seriously effective. the my2k was one of the top trends on twitter all day long. republicans aren't too happy. they are getting outflanked. >> if the president wants to reach an agreement, he n
the president's message >>> if we get this part of it right, a lot of the other issues surrounding deficit reduction are going to be a whole lot easier. if we get this wrong, the economy is going to go south. we don't have a lot of time here. we have a few weeks to get this thing done. we could get it done tomorrow. optimistically, i don't think we are going to get it done tomorrow. >> the white house is using all social media resources to get the message out and put pressure on...
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there have been 18 debt and deficit commissions since 1980. >> so you're saying they came up with spending cuts that satisfied you, you would -- >> i would go to the clinton tax rates in a heartbeat if we got clinton's gdp spending rates. >> well, one of the things i think liberals are starting to resent also, wolf, is that we are fighting so hard over this sort of modest issue of tax cuts for the wealthy. and people are completely dismissive about how devastating really entitlement cuts in medicaid would be, cuts for daycare and teacher spending and other things. >> we can't solve the problem -- >> we're starting to feel a little ant si about as this ends up being only about tax cuts. >> we just heard from senator thune, number three republican in the senate. erick, let me goat your thought, he says punt right now. kick the ball down six months or a year, deal with entitlement reform next year in a thoughtful way. deal with tax reform thoughtful in a new senate in the new house of representatives, but just go ahead right now and avoid the fiscal cliff, keep everything as is right now for
there have been 18 debt and deficit commissions since 1980. >> so you're saying they came up with spending cuts that satisfied you, you would -- >> i would go to the clinton tax rates in a heartbeat if we got clinton's gdp spending rates. >> well, one of the things i think liberals are starting to resent also, wolf, is that we are fighting so hard over this sort of modest issue of tax cuts for the wealthy. and people are completely dismissive about how devastating really...
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[inaudible] with more trillion dollar deficits forecast in years to come. despite the extraordinary steps to do with a great recession, deficit as a share of the economy has actually decreased every year for the last three years. 10% of gdp in 2009, 7% gdp today. the source is not the democratic national committee, but "investor's business daily." they said believe that or not, the federal deficits smaller over the past three years and it hasn't any stretch since demobilization after world war ii. outside of the post-world war ii era, the on than the up deficit has fallen faster is when the economy we left in 1937, during the great depression into -- [inaudible] u.s. district offers, testing the speed limit of the fiscal consolidation does and backfire. >> i really go back to simpson-bowles. i think they had it right put. repeat, everything on the table. not only taxes, but spending cuts and entitlement reform. let me speak about each of them. first when it comes to revenue, so many people in the business community and outside have talked about simpson-bowl
[inaudible] with more trillion dollar deficits forecast in years to come. despite the extraordinary steps to do with a great recession, deficit as a share of the economy has actually decreased every year for the last three years. 10% of gdp in 2009, 7% gdp today. the source is not the democratic national committee, but "investor's business daily." they said believe that or not, the federal deficits smaller over the past three years and it hasn't any stretch since demobilization after...
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>> what we need to put on the table in short-term is actual deficit reduction. we can do that through mandatory spending cuts in other areas. we can do it through the tax revenue that the president has called for. i think for instance, speaker of the house decided today to call the measure passed by the bipartisan senate to protect all families making $250,000 or less from any income tax increase december 31st, that would put enough revenue on the front end of this conversation to move us toward a solution. >> but so far i hear from you, in the short-term, no entitlements are on the table. >> only the medicare part of it, i want to be very careful. this means so much and we saw what a mess was made of it by paul ryan's budget, where the actual future of medicare was in doubt with his premium support plan. we don't want to go near that. we want to make sure that medicare, at the end of the day, is a program that is solvent, and we can count on it for generations 20 come. >> so if i'm a republican lawmaker watching this interview i'm saying, okay, he basically has
>> what we need to put on the table in short-term is actual deficit reduction. we can do that through mandatory spending cuts in other areas. we can do it through the tax revenue that the president has called for. i think for instance, speaker of the house decided today to call the measure passed by the bipartisan senate to protect all families making $250,000 or less from any income tax increase december 31st, that would put enough revenue on the front end of this conversation to move us...
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without adding a dime to the deficit, by the way. in fact, if done right, tax reform will increase revenues by spurring growth, job creation and therefore bigger tax receipts. tax reform is both a fiscal and competitive necessity for our country. it has been more than 25 years since we substantially reformed the tax code. twice as long, about 50 years since we did a bottom-up review of our international tax laws. the world has changed a lot in that time period and yet america has not kept up. the underlying assumptions in our tax code are frankly out of step with the complexities of today's global economy. this is especially evident in our corporate tax code. on the domestic side of our corporate tax code, the u.s. has become the highest tax rate country among all the developed countries in the world. so canada just lowered their rate from 16.5% to 15%. our rate is 39.2% when you combine the state and federal burden. federal burden 35%. state burden closer to 5%, 6%. so right now, the average among all the developed countries in the
without adding a dime to the deficit, by the way. in fact, if done right, tax reform will increase revenues by spurring growth, job creation and therefore bigger tax receipts. tax reform is both a fiscal and competitive necessity for our country. it has been more than 25 years since we substantially reformed the tax code. twice as long, about 50 years since we did a bottom-up review of our international tax laws. the world has changed a lot in that time period and yet america has not kept up....
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jobs went down, the deficit went up. we also know, reverend al, from the nonpartisan congressional office, that those tax breaks for the very wealthy people have virtually no impact on jobs and economic growth and that the proposals the president has made, both the middle class tax extension, plus his small business tax cut, taken together do a lot more than you would get in terms of job growth from providing the folks at the very top with this bonus tax break. so you've got to look at the president's entire plan, both the investment in our infrastructure as well as middle class tax relief and small business tax relief and that is the jobs plan for the future and no matter what republicans say, the reality is that at the end of the day they are looking out for the folks at the very top. we know from our own history. >> yeah. >> that history is bankrupt. >> and these are things we need. if you look at what hurricane did to new york and new jersey, we certainly need to work on the infrastructure. congressman chris van holl
jobs went down, the deficit went up. we also know, reverend al, from the nonpartisan congressional office, that those tax breaks for the very wealthy people have virtually no impact on jobs and economic growth and that the proposals the president has made, both the middle class tax extension, plus his small business tax cut, taken together do a lot more than you would get in terms of job growth from providing the folks at the very top with this bonus tax break. so you've got to look at the...
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if you want a balanced approach to reducing the deficit, let your member of congress know. if you believe we can solve this problem through compromise, send that message. >> let your member of congress know. send that message said the president. the american people did. so many american people did that congressional websites and phone lines crashed after the president's speech. house phone circuits were so overwhelmed that an alert went out to members of congress that if they were expecting any really important phone calls therks shou they should try using a different phone. if you tried to visit the websites for john boehner or michele bachmann after the president's call to action, you just got a server to busy message. >>> last year, in the fall, the president went and did it again. the president went on a multi-state barn storming campaign style tour to push for the passage of his jobs bill. again, he asked the american people to get involved in that fight directly. he asked the american people to talk to congress. >>> i want you to call. i want you to e-mail. i want you
if you want a balanced approach to reducing the deficit, let your member of congress know. if you believe we can solve this problem through compromise, send that message. >> let your member of congress know. send that message said the president. the american people did. so many american people did that congressional websites and phone lines crashed after the president's speech. house phone circuits were so overwhelmed that an alert went out to members of congress that if they were...
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we want deficit reduction that is big, bold, but balanced. as long as more republicans can agree with us on that we're willing to compromise with them and meet them halfway. >> sir, real quickly while i have you, it was announced in the last hour that the president is going to be hosting mitt romney for a private luncheon at the white house tomorrow. your reaction to that in light of that campaign finance call to supporters of mitt romney where he disbasically doubled down on the 47% remark? >> i think it's important for the president to reach out to as many people as possible. i didn't agree with mitt romney on much but some ideas he had were intriguing. i'm glad the president is reaching out to him and unifying america. we all need to stand behind the middle class and see where we can agree and act on that agreement. >> steve israel, great to have you on with us this morning. >> thanks. >> we have more heavy hitters coming up on the fiscal cliff on msnbc throughout the next day. next hour on "now" with alex wagner, she'll speak with senator
we want deficit reduction that is big, bold, but balanced. as long as more republicans can agree with us on that we're willing to compromise with them and meet them halfway. >> sir, real quickly while i have you, it was announced in the last hour that the president is going to be hosting mitt romney for a private luncheon at the white house tomorrow. your reaction to that in light of that campaign finance call to supporters of mitt romney where he disbasically doubled down on the 47%...
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>> s ocial security is not contributing to the current debt or the deficit. social security is something that needs to be shored up. it's relatively easy to do compared to the other -- compared to the other problems, but we need to take a balanced approach to the other problems. this idea that we can just -- you know, the american people didn't believe the republican party's nominee who said we can just get rid of some of these deductions. we can get rid of some of the loopholes. that's not going to work. >> i don't understand the, frankly, the contortions being taken by some republicans to avoid raising the tax rate even a point or two at this point. can you explain why it's so important not to raise the rate at all even if it means getting rid of all sorts of deductions? >> because i think you have to say before you raise the rates and say, hey, everyone needs to pay more, we need to look at things we can do to flatten the code, to grow the economy, why would you tell people they have to pay more, small businesses, individuals, before -- >> make them pay mo
>> s ocial security is not contributing to the current debt or the deficit. social security is something that needs to be shored up. it's relatively easy to do compared to the other -- compared to the other problems, but we need to take a balanced approach to the other problems. this idea that we can just -- you know, the american people didn't believe the republican party's nominee who said we can just get rid of some of these deductions. we can get rid of some of the loopholes. that's...
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minority leader mitch mcconnell criticized democrats for putting social security off limits in any deficit deal. >> as for social security, the only thing we hear from why in the world wouldn't they want to talk about the fact that this vital program started spending out more than it took in 2010, for the first time in nearly 30 years and that its trustees now estimate that it will keep spending more than it takes it in for 75 years unless we strengthen it. >> brown: majority whip dick durbin answered that social security isn't the issue; it's medicare and medicaid. >> social security does not add one penny to the deficit. it's an important program, a critical program. let's take care of it in the future. let's do it separate from the debt debate. medicare is another story. medicare has 12 years of life left and let me make a point of saying it has eight of those years because of president obama's leadership. >> brown: white house officials said the president will send treasury secretary timothy geithner and legislative chief rob nabors to the capitol tomorrow, to meet with congressional l
minority leader mitch mcconnell criticized democrats for putting social security off limits in any deficit deal. >> as for social security, the only thing we hear from why in the world wouldn't they want to talk about the fact that this vital program started spending out more than it took in 2010, for the first time in nearly 30 years and that its trustees now estimate that it will keep spending more than it takes it in for 75 years unless we strengthen it. >> brown: majority whip...
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howard's become a deficit hawk. i think howard and i would disagree probably on some of the elements of what constitutes -- >> no, but he's saying it's not a disaster if it happens. >> well, i was going to get to that point. the fiscal cliff itself, howard is right, it's a slope. on day one the economy does not collapse and go into recession. but i worry a lot about the markets. the market reaction to going over the cliff, particularly if we go over the cliff in disarray where there's really no plan. everything's broken down. nobody knows where anybody is. i think that could be pretty ugly in the markets. having said that, my own view is, that going over the fiscal cliff is only the second worst thing that can happen. the worst thing that can happen would be for congress to simply kick the can down the road on everything. >> that's exactly right. >> extend all the taxes, extend all the spending, let life go merrily on the way it is. we cannot let that happen. it is time to address the deficit. and if going over the
howard's become a deficit hawk. i think howard and i would disagree probably on some of the elements of what constitutes -- >> no, but he's saying it's not a disaster if it happens. >> well, i was going to get to that point. the fiscal cliff itself, howard is right, it's a slope. on day one the economy does not collapse and go into recession. but i worry a lot about the markets. the market reaction to going over the cliff, particularly if we go over the cliff in disarray where...
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later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president has been making. he says this has to get done. it is a sign the democrats' arguments are working? is tom cole an outlier among republicans? what's going on? >> it's a sign of the diversity in the republican party and that's something that president obama's team is trying to work on. they're trying to develop divisions and to break the logjam, the big showdown that's going on between speaker boehner and congress on one side and president obama and his team on the other. so it's a sign, but we've still got a long ways to go. >> if you can believe it, the negotiations got arguably more complicated
later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president...
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rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. and mr. bowles himself said there has been no serious discussion of spending cuts so far. and unless there is, there is a real danger of going off the fiscal cliff. going off the fiscal cliff will hurt our economy, it will cost american jobs. republicans have taken action to overt the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester. and pave way for -- pave the way for tax reform and entitlement reform. and we're the only ones with a balanced plan to protect the economy, protect american jobs and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reform, it will be impossible to address the debt crisis and get our economy going again and create jobs. so right now all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. time for the president, congressional democrats to tell the american people what spending cuts they're really willing to make. with that i'll take a few
rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. and mr. bowles himself said there has been no serious discussion of spending cuts so far. and unless there is, there is a real danger of going off the fiscal cliff. going off the fiscal cliff will hurt our economy, it will cost american jobs. republicans have taken action to overt the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester. and pave way...
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madam president, there are ways to do deficit reduction which are fair. everybody has got to understand we have cut approximately $1 trillion in benefits already. so when we talk about $4 trillion in deficit reduction, $1 trillion has already taken place. second of all, at a time when the wealthiest people are doing phenomenally well, when we have growing wealth and income in america, we have to repeal bush's tax breaks for people making $250,000 or more. that's another $1 trillion. we have got to appreciate the fact that one out of four corporations in america doesn't pay a nickel in taxes. we can bring in significant amounts of revenue through tax reform which asks corporations to start paying their fair share of taxes. we're losing $100 billion a year because corporations and the wealthy are stark their money in the cayman -- are stashing their money in the cayman islands and other havens. defense spending tripled since 1997. we're now spending almost as much as the rest of the world combined. let's take a serious look at defense spending. madam presid
madam president, there are ways to do deficit reduction which are fair. everybody has got to understand we have cut approximately $1 trillion in benefits already. so when we talk about $4 trillion in deficit reduction, $1 trillion has already taken place. second of all, at a time when the wealthiest people are doing phenomenally well, when we have growing wealth and income in america, we have to repeal bush's tax breaks for people making $250,000 or more. that's another $1 trillion. we have got...
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on a sustainable path towards long-term economic growth and deficit reduction. hard to believe he could get through all of that and not use the term "rise above." he's deliberately leaving that out. he goes on to say the economic consequences of not rising above, he could have said, but he said of inaction, by our government could have been terrible. severe negative impact on every taxpayer and a painful return to recession. the e-mail includes a link to help employees find their representatives in washington and send an e-mail. i like this, but everybody -- send the link to the white house. rise above. i'm not wearing one today. >> i noticed. >> i'm not. because i think the white house is thumbing their nose at me. >> at you personally? >> at me personally. i'm wearing that, they're saying no, joe, no. did you read the front page of "the wall street journal"? hardening their positions. >> the democrats certainly are. what i wonder at this point is if the president by campaigning so hard to push it this way is going to push part of the wing of his party so far t
on a sustainable path towards long-term economic growth and deficit reduction. hard to believe he could get through all of that and not use the term "rise above." he's deliberately leaving that out. he goes on to say the economic consequences of not rising above, he could have said, but he said of inaction, by our government could have been terrible. severe negative impact on every taxpayer and a painful return to recession. the e-mail includes a link to help employees find their...
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and so as we assume more and more responsibilities for the states with budget deficits in excess of $1 trillion, what we're going to do is find ourselves at a point where we're going to have to make cuts in programs that are our responsibility. so all i would ask to you do is think about whether or not this is truly a responsibility of the federal government and whether or not we ought to be expanding the program -- well-intentioned, does great work. don't discount that. well-deserved. don't discount that. but is it the responsibility of the federal government? i would actually state to the chairman -- and i'd be happy to have a voice vote on this and not force a vote, because i know the outcome, and we shouldn't waste everybody's time to do that. so with that, i would ask for the yeas and nays and a voice vote and vitiate the vote that's scheduled for 7:00 -- 6:00. the presiding officer: is there objection to that request? href i'm not sure i -- mr. levin: i'm not sure i understood what that request was. the presiding officer: the request was for a vote on the leahy amendment now -- t
and so as we assume more and more responsibilities for the states with budget deficits in excess of $1 trillion, what we're going to do is find ourselves at a point where we're going to have to make cuts in programs that are our responsibility. so all i would ask to you do is think about whether or not this is truly a responsibility of the federal government and whether or not we ought to be expanding the program -- well-intentioned, does great work. don't discount that. well-deserved. don't...
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when that happens it makes debt and deficits a lot smaller by comparison because you get more government revenue. you're right, it is absolutely a core principle of republicans we don't want taxes to go up to get more government. if we have tax reform effort that will lower the tax base, get more revenue and fuel economic growth that is something republicans will embrace. there could be revenue generated by closure of loopholes and deductions. we can't accomplish anything by raising tax that is good good for the economy and we're very concerned about the economy. martha: it will be interesting to see what timothy geithner brings to these discussions today. we'll be reporting on it and you will be there on the hill. thank you very much. >> we'll look forward to it. thanks, martha. martha: all right. bill: there is a controversial vote set to take place today at the united nations and the u.s. is expected to vote against it. eric shawn's live at the u.n. eric, good morning to you, what is the vote about first of all and what's expected to happen? >> reporter: good morning, bill. the vote o
when that happens it makes debt and deficits a lot smaller by comparison because you get more government revenue. you're right, it is absolutely a core principle of republicans we don't want taxes to go up to get more government. if we have tax reform effort that will lower the tax base, get more revenue and fuel economic growth that is something republicans will embrace. there could be revenue generated by closure of loopholes and deductions. we can't accomplish anything by raising tax that is...
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. >> gregg: trei, two-thirds of those, and want tax hikes and spending cuts to reduce the deficit. and one fourth want spending cuts only. 68%. there are the numbers on your screen. doesn't that number, 68%, mean that it's politically perilous for your party, republicans, to oppose raising taxes on the top 2 or 3%? >> well, no, they -- it's got to be part of the equation and i think that speaker boehner made that clear, but gregg, let me first start by saying i happen to care very much about the 43% inpoll, but it doesn't erase -- it doesn't erase the fact that a majority of them do not pay taxes and it also doesn't erase the fact that most people support tax increases on other people as opposed to themselves, but i think the american people are a little tired of polls. the election is over, talking points should be over, and it requires compromise to solve problems in this town, something that's been lacking for years. by both sides of the aisle. and so, the issues you're talking about in terms of the specifics, whether it's the tax rates or these deductions, it just cannot be acr
. >> gregg: trei, two-thirds of those, and want tax hikes and spending cuts to reduce the deficit. and one fourth want spending cuts only. 68%. there are the numbers on your screen. doesn't that number, 68%, mean that it's politically perilous for your party, republicans, to oppose raising taxes on the top 2 or 3%? >> well, no, they -- it's got to be part of the equation and i think that speaker boehner made that clear, but gregg, let me first start by saying i happen to care very...
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when president obama was first elected he talked about how to bring down the deficit and campaign promise to cut it in half and he would do it by focusing on entitlement reform. >> steve: there is the national debt right now. >> gretchen: why doesn't he bring the people to the table and say dick dishin. let's put it all on the table and let's talk about them instead of going out on air force one and getting people to use twitter >> chris: the american society of pensional they have a warning called. if congress does change yourr tax rate, there is a possibility that you might have big changes to your 401 k. last time congress made changes in congress. 70 percent of the 401 k contributions droppped and the worry is people will stop putting in and we'll stop save that is never good. >> brian: we are not supposed to be able to tax that. and we'll be able to get it out when we are 81 years old. and the other stories making news. brand new video out of syria show rebels shooting down a military helicopter. you can hear them chanting allah is great. and the chopper plunges to the ground and fir
when president obama was first elected he talked about how to bring down the deficit and campaign promise to cut it in half and he would do it by focusing on entitlement reform. >> steve: there is the national debt right now. >> gretchen: why doesn't he bring the people to the table and say dick dishin. let's put it all on the table and let's talk about them instead of going out on air force one and getting people to use twitter >> chris: the american society of pensional they...
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but the other thing is remember this continued tax cut for the middle class is part of a deficit reduction package so the president is very much focused on getting rid of that debt and getting it off the backs of our kids but in the meantime, it is not necessary to raise tax rates on the middle class in order to get there. and if we did raise taxes on the middle class, it is not going to get us that far down the road. what will really get us down the road is getting back to the regular tax cuts, having the wealthiest of americans pay their fair share. letting the 2% go back up from 35% to 39% which they were under bill clinton. one final my2k story from doug up in vancouver washington. what do you say? >> caller: hey bill. let me put my bong down real quick here. [ laughter ] >> caller: you know, there is a certain bunch of us here that think that they're going to get us on entitlement. that's all they keep talking about. nobody's mentioning the military. so i'm with the other caller, the gal before that said let's go over the cliff. you're going to screw us anyway, you know what? everybod
but the other thing is remember this continued tax cut for the middle class is part of a deficit reduction package so the president is very much focused on getting rid of that debt and getting it off the backs of our kids but in the meantime, it is not necessary to raise tax rates on the middle class in order to get there. and if we did raise taxes on the middle class, it is not going to get us that far down the road. what will really get us down the road is getting back to the regular tax...
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you know what, i hate deficits. i am a budget hawk. i'm a freak on that stuff. but you know what, we can't balance the budget next year. we can't count -- balance it. we can handle a few more years of deficits if we take care of the long-term debt. >> i agree. asking about one or two specifics. i don't have one or two specifics. because i'm not looking at medicare over the next year or two. it's the next 10, 15 years that medicare and medicaid together cripple us as a country. >> here's a few. gradually increase the medicare age. >> yeah -- >> which is what joe said. >> means testing for social security -- >> i agree. >> and by the way, means testing ought to get more focus. i think there are a lot of higher income earners who are willing to say we're willing to give up benefits. but so -- >> we talk about over time. like, for instance -- >> 10 or 15-year. >> i don't want to raise it over five years. unfair to people banking on this for 30, 40 years but need to raise retirement age. >> i'm 42. i should not, people under 45 should be asked today to make a sacrifi
you know what, i hate deficits. i am a budget hawk. i'm a freak on that stuff. but you know what, we can't balance the budget next year. we can't count -- balance it. we can handle a few more years of deficits if we take care of the long-term debt. >> i agree. asking about one or two specifics. i don't have one or two specifics. because i'm not looking at medicare over the next year or two. it's the next 10, 15 years that medicare and medicaid together cripple us as a country. >>...